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This is why Mark Cuban thinks Ethereum is a “true currency”

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In an interview for The Delphi Podcast, billionaire Mark Cuban talked about his experience with cryptocurrencies, the current state of the market, and the reasons behind his bullish perception of Bitcoin and Ethereum. For Cuban, cryptocurrencies and their applications are the next evolution of the internet.

Claiming that Bitcoin has “taken money away” from gold and “will continue to do so,” the billionaire separated the applications between one cryptocurrency and the other. For Cuban, the “most exciting” part about the crypto space is the emergence of decentralization and decentralized finance.

In that sense, he sees Ethereum as being much more comparable to the rise of the internet and its multiple use cases. Cuban stated:

When the Internet started to happen, you started seeing all these applications that could disrupt things that happened in the analog world (…). Now, you look at what’s happening and you saw smart contracts come along and (…) the fact that they’re decentralized, that’s what changed the game.

The entrepreneur believes that, over the past 25 years, internet costs have been reduced to the point where users can enjoy certain services, such as e-mail storage, free of charge. Combined with “decentralization, governance” and smart contracts, Internet applications have increased massively.

What has changed about Bitcoin and Ethereum?

Although Cuban was aware of the use cases for Bitcoin as far back as 2012, the entrepreneur felt that its limitations were going to prevent it from “working out”. However, he stressed again that its best application is as a store of value. On this idea, he claims has “always been positive.” Cuban stated:

(In 2012) people said bitcoin is a currency, and (I thought) ‘It’s just not going to work.’ But, the entire time, I said it was a store of value where, if you could get people to believe that it was a better alternative than gold, because of its algorithmic scarcity, the price is going to go up.

His full entry down the “rabbit hole” began when he had exposure to NFTs in January of this year. From there, he jumped to smart contracts, to the “ease of programming” with Solidity, which he described as a “game-changer.”

Another characteristic that cryptocurrencies share with internet companies in their early days is that, according to the entrepreneur, people have been unable to understand the value of this new asset class. In Cuban’s portfolio, the allocation on cryptocurrency stands at 60% Bitcoin, 30% Ethereum, and 10% for other tokens. Cuban regrets not entering the crypto market earlier:

I have a lot of Ethereum as well. I wish I had bought it sooner, but I started buying it four years ago, simply because I think it’s the closest we have to a true currency (…). The one difference (between crypto and stock market) I can look at the volume of a stock, but I get so much more transparent data with blockchain and tokens.

ETH is trading at $2,058 with 4.7% gains in the 24-hour chart. In the weekly and monthly chart, ETH presents gains of 37.5% and 29.7% respectively.

Ethereum ETH
ETH on the heels of its ATH on the 24-hour chart. Source: ETHUSD Tradingview

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/this-is-why-mark-cuban-thinks-ethereum-is-a-true-currency/

Blockchain

SWFT Blockchain (SWFTC) is now available on Binance Smart Chain and Huobi ECO Chain

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SWFT Blockchain, a cross-chain cryptocurrency transfer protocol, announced today that the ecosystem’s native token SWFTC is now not only available as an ERC-20 token, but also as a BEP-20 token on Binance Smart Chain (BSC) and as an HRC-20 token on Huobi ECO Chain (HECO).

Details about SWFTC on the respective chains:

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Source: https://www.cryptoninjas.net/2021/04/16/swft-blockchain-swftc-is-now-available-on-binance-smart-chain-and-huobi-eco-chain/

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Our Man in Shanghai: Coinbase listing scorned, graphics cards seized, nostalgia coins rule

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It was a relatively quiet week in China’s blockchain space as events were overshadowed by the surge in the BTC price and the Coinbase direct listing in the U.S. Many locals reacted with surprise to the news, showing that exposure to cryptocurrencies is still relatively isolated in the world’s most populous country.

Many netizens responded skeptically to the Coinbase story, with news aggregation account “Jiemian” on Weibo calling Bitcoin a scam, highlighting its connection to terrorists, and encouraging investors to stick to China’s A-shares. (For a quick comparison, the Shanghai composite index is down 2.13% this year, while Bitcoin has a YTD return of over 116%.) Jiemian has over 10 million followers on Weibo, but caters to a more traditional audience. The takeaway here is that despite China’s aggressive adoption of DCEP (Digital Currency Electronic Payment, also known as the digital yuan), other digital payments, and internet technology, cryptocurrency acceptance remains relatively isolated.

Some experts on China’s blockchain industry spoke to Cointelegraph regarding DCEP on April 10th, discussing how the digital yuan has affected the space. Kevin Shao, co-founder of Bitrise Capital, summed up the situation by stating that “overall, China’s digital currency still serves the central bank’s monetary policy and monetary functions.” It’s safe to say that the rapid DCEP advancement has little cross-over with the country’s active blockchain space, and probably will remain independent for the foreseeable future.

While all that was going on, volumes were spiking on cryptocurrency exchanges around the world. Huobi, China’s largest exchange by liquidity, experienced a wave of trading on more established tokens. The top seven most traded on Thursday were BTC, DOGE, ETH, XRP, FIL, TRX and BCH. All of these projects have roots in previous bull runs, showing that nostalgia is not lost on Chinese investors.

Graphics cards seized by Hong Kong Customs

Customs in Hong Kong have busted a smuggling operation involving nearly 300 graphics cards, which are suspected to be Nvidia CMP 30HX models and worth about 2 million RMB, or $300,000. There were no labels on the front of the graphics cards, and this particular model comes without a video output port, and is built exclusively for cryptocurrency mining. According to a source, this is the first time that Hong Kong Customs has seized graphics cards smuggled for the purpose of mining.

The state of media blockchain content

Finally, in policy news, The State Administration of Radio, Film and Television issued standards for blockchain-related media content. The standard system is intended to promote healthy and sustainable content pertaining to the use of blockchain in industries such as auditing systems, business processes, food safety and management. The State Administration is very proactive with its standards, detailing how technologies, trends, and other themes should be portrayed in the media.

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/our-man-in-shanghai-coinbase-listing-scorned-graphics-cards-seized-nostalgia-coins-rule

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Rothschild Investment Corp snaps up quarter of a million shares in Grayscale ETH Trust

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Chicago-based financial institution Rothschild Investment Corp, has acquired 265,302 shares in Grayscale’s ETH trust, according to a filing on April 15 with the United States Securities Commission or SEC.

The firm also added more Grayscale Bitcoin trust shares to its holdings, with the latest SEC filing revealing that it increased its tally from 30,454 in January up to 38,346 this month.

Rothschild Investment has been accumulating GBTC since 2017, and the latest filing shows the firm’s appetite for crypto exposure is not slowing down. Ether proponent Ryan Adams, the founder of crypto investment firm Mythos Capital and Bankless, commented on the latest move noting that “BTC is the gateway drug to ETH.”

The brokerage firm’s history spans back to 1908, and it has been investing in crypto for a relatively long time when compared to the mass inflow of institutions who have swooped in during the past 12 months. An SEC filing showed that the firm owned $210,000 worth of GBTC in July 2017, when BTC was priced around $2000.

Founding members Monroe Rothschild and brother in-law Samuel Karger reportedly have no relation to the famed Rothschild family dynasty, much to the confusion of the crypto community despite the New York Times publishing an article that clarified the situation in 1995.

Grayscale is the leading U.S. digital asset manager that offers institutional exposure to crypto, the firm holds roughly 660,000 BTC, which accounts for 3.5% of BTC in circulation.

The firm revealed yesterday that its total assets under management has now reached $50.6 billion, its ETH trust, or ETHE, is now up to more than $7 billion worth of AUM, with its shares currently trading at around $24. GTBC has surpassed $41 billion in AUM, and shares are trading at around $59.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/rothschild-investment-corp-snaps-up-quarter-of-a-million-shares-in-grayscale-eth-trust

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